New Delhi, Dec 25 (PTI) Japanese conglomerate SoftBank has sold shares worth USD 310 million in omnichannel retailer FirstCry, which is likely to file a draft paper for IPO this week, sources said on Monday.

"SoftBank recently sold shares worth Rs 630 crore in FirstCry. It was picked up by a few high net worth individuals. With this sale, SoftBank has realised USD 310 million from two rounds of stake sale in FirstCry," a source told PTI.

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The source said that the sale values FirstCry in the range of USD 3.5-3.75 billion.

SoftBank had invested USD 400 million in FirstCry at an enterprise valuation of USD 900 million.

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Another source said that SoftBank is still left with shares valued in the range of USD 800-900 million which it will sell later.

"SoftBank is looking to make around USD 1.3 billion from the investment made in FirstCry," the source said.

Email query sent to SoftBank elicited no response in this regard.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)